2024

DeFi

Bitcoin

<h4><strong>Lido, rapidly becoming the largest DeFi project since its launch, now faces new competition.</strong></h4> 
<p>Symbiotic, a company poised to enter the fast-growing restaking market, aims to challenge Lido’s dominance.</p> 
<h5><strong>Lido Faces New Challenger in DeFi Space</strong></h5> 
<p>Sources told <a href="https://www.coindesk.com/tech/2024/05/14/lido-co-founders-paradigm-secretly-back-eigenlayer-competitor-as-defi-battle-lines-form/?utm_medium=referral&amp;utm_source=rss&amp;utm_campaign" target="_blank" rel="noopener">CoinDesk</a> that Symbiotic has gained support from Lido’s co-founders, Konstantin Lomashuk and Vasiliy Shapovalov. They have invested through their venture fund, Cyber Fund. Additionally, Paradigm, a prominent crypto venture capital firm and one of Lido’s main investors is also backing the new venture.</p> 
<p>The term “restaking” refers to a process where users can leverage their staked assets, such as Lido’s staked ether (<a href="https://www.coingecko.com/en/coins/lido-staked-ether" target="_blank" rel="noopener">stETH</a>) token. This allows them to participate in further staking activities across different protocols, thereby maximizing their potential yield. Unlike direct staking, restaking allows for increased flexibility and efficiency in managing staked assets.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">SCOOP: Lido's co-founders and <a href="https://twitter.com/paradigm?ref_src=twsrc%5Etfw">@Paradigm</a> secretly funded a restaking startup that will compete with <a href="https://twitter.com/eigenlayer?ref_src=twsrc%5Etfw">@EigenLayer</a>.<a href="https://twitter.com/skesslr?ref_src=twsrc%5Etfw">@skesslr</a> reports<a href="https://t.co/7BENBrdkhW">https://t.co/7BENBrdkhW</a></p> 
 <p>— CoinDesk (@CoinDesk) <a href="https://twitter.com/CoinDesk/status/1790507970398163188?ref_src=twsrc%5Etfw">May 14, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>According to leaked internal documents obtained by CoinDesk, Symbiotic aims to become a “permissionless restaking protocol” that facilitates decentralized networks in coordinating node operators and providers of economic security. The protocol will target assets that are not natively compatible with EigenLayer, thereby broadening its usability and appeal. The initiative represents a strategic move to capture a niche market within the broader staking ecosystem, which continues to attract significant capital and interest in the DeFi sector.</p> 
<p>The inception of Symbiotic is especially noteworthy given the involvement of high-profile figures from <a href="https://www.altcoinbuzz.io/?s=lido" target="_blank" rel="noopener">Lido</a> and Paradigm. This suggests not only a strategic alignment within these organizations but also hints at the evolving strategies of DeFi leaders. They are navigating the complex and competitive landscape of blockchain technologies.</p> 
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<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/lido-founders-and-paradigm-support-new-defi-rival-symbiotic/">Lido Founders and Paradigm Support New DeFi Rival, Symbiotic</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

Lido Founders and Paradigm Support New DeFi Rival, Symbiotic

Altcoin Buzz

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